The Insurance Department is responsible for supervising and regulating all insurance business in New York State.
The Department's mission is to:
- Ensure the continued sound and prudent conduct of insurers financial operations;
- Provide fair, timely and equitable fulfillment of insurer obligations
- Protect policyholders from financially impaired or insolvent insurers
- Eliminate fraud, other criminal abuse and unethical conduct in the industry
- Foster growth of the insurance industry in the State
The Department carries out its supervisory function by issuing licenses to agents, brokers, consultants, reinsurance intermediaries, adjusters, and bail bondsmen; conducting examinations of insurers to determine their financial condition, treatment of policyholders and claimants, and underwriting practices; and auditing each company?s annual reports.
The Department carries out its regulatory function by determining qualifications of insurers; regulating rates, certain retirement systems and pension funds; reviewing policyholders? complaints; supervising the liquidation, rehabilitation, and conservation of insolvent insurers; and approving corporate formations, mergers, and consolidations.
Link to follow: Insurance Department